安克创新（300866）：营收及利润保持高增，看好长期趋势

Investment Rating - The investment rating for the company is "Buy" with a target price of 100.10 RMB [6][7]. Core Views - The company reported a revenue of 24.71 billion RMB in 2024, a year-on-year increase of 41.1%, and a net profit of 2.11 billion RMB, up 30.9% year-on-year, exceeding previous expectations [1]. - In Q1 2025, the company achieved a revenue of 5.99 billion RMB, representing a 36.9% year-on-year growth, and a net profit of 500 million RMB, which is a 59.6% increase year-on-year [1]. - The growth is attributed to product innovation and optimization of the product structure, along with increased foreign exchange gains [1]. - The company is expected to maintain a long-term upward trend despite short-term disruptions from increased tariffs on domestic goods by the US [1]. Revenue and Profit Analysis - In 2024, the revenue from the energy storage business surged by 184% year-on-year, with total revenues from charging storage, smart innovation, and smart audio categories reaching 12.67 billion RMB, 6.34 billion RMB, and 5.69 billion RMB respectively, with year-on-year growth rates of 47.2%, 39.5%, and 32.8% [2]. - Online and offline revenues for 2024 were 17.6 billion RMB and 7.11 billion RMB, reflecting increases of 43.0% and 36.7% respectively, with independent site revenue growing by 101.3% [2]. Cost and Margin Insights - The gross margin for 2024 was 43.7%, a slight increase of 0.1 percentage points year-on-year, primarily due to product structure optimization [3]. - The sales expense ratio was 22.5%, up 0.3 percentage points year-on-year, driven by increased marketing and platform costs [3]. - The R&D expense ratio increased to 8.5%, up 0.45 percentage points year-on-year, while the financial expense ratio decreased to 0.1% due to increased foreign exchange gains [3]. Profit Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are 2.42 billion RMB, 2.83 billion RMB, and 3.34 billion RMB respectively, with corresponding EPS of 4.55 RMB, 5.32 RMB, and 6.29 RMB [4]. - The average PE for comparable companies in 2025 is expected to be 22 times, and the company is assigned a 2025 PE of 22 times, leading to a target price of 100.1 RMB [4]. Financial Metrics Overview - The projected revenue for 2025 is 30.95 billion RMB, reflecting a growth rate of 25.25% [5]. - The net profit for 2025 is expected to be 2.42 billion RMB, with a growth rate of 14.26% [5]. - The company’s ROE is projected to be 21.65% in 2025, indicating strong profitability [5].